Dog-themed meme coin Neiro NEIRO/USD is benefiting from a recent Binance futures listing, causing traders to foresee a bright future for the token.

What Happened: Crypto trader The Solistice noted that Neiro is witnessing “insane volume,” with two times the trading volume of Dogwifhat WIF/USD at only 10% of its market cap. Neiro even reported higher trading volume than Pepe PEPE/USD at only 5% of its valuation.

Trader Crypto Coach stated that after the Binance listing, market-making firm Wintermute is accumulating Neiro. Arkham Intelligence data shows Wintermute currently holding Neiro worth $2.3 million. The trader concluded, "The whales definitely know something. Imagine not having a NEIRO bag right now."

Meanwhile, professional speculator Villu Veedla called Neiro better than Pepe and Dogwifhat, predicting a valuation in the billions if market sentiment allows for it. "To make a big run you need momentum on your side and people behind the project are top players and every move has been calculated so far," Veedla stated.

Also Read: Crypto Trader Dismisses Possibility Of Bitcoin’s Potential Crash, Meme Coins Not The Backbone Of ‘All-Around Crypto Cycle’

Why It Matters: Last week, Binance Futures announced the listing of NEIRO futures with up to 75x leverage.

In early August, “Dogecoin Millionaire” Glauber Contessoto revealed that he had invested $100,000 in the meme coin, citing the potential to replicate the success stories of Dogecoin and Shiba Inu.

He added that NEIRO also demonstrated resilience during a 37% Ethereum flash crash, retaining a loyal community of holders, or “diamond hands,” which signals strong community support and trust in the project.

Price Action: In the past 24 hours, NEIRO is up 14.8%, taking its seven-day gains to 650%.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

‘Dogecoin Millionaire’ Invests $100,000 In NEIRO: ‘Quite Literally Your Second Chance At DOGE And SHIB At Lower Valuations’

Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.